Renault profits encouraging

Renault has announced better than expected earnings for 2003. Europe's fourth largest car company said that its profits had jumped 27% to $3.1bn. The results were in part due to the sales of the Megane range but also to the success of the cooperation with Nissan and cost-cutting. Nissan's activities added $2.4bn to the Renault balance sheet. The company continues to see improved profitability outside western Europe as the key to growth in 2004. In this respect, therefore, the Formula 1 programme will help the company as it seeks to expand sales.

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